Korean public investors turn to domestic banks for overseas investment

The Korea’s National Pension Service (NPS), the world’s third largest public pension, and sovereign wealth fund Korea Investment Corporation (KIC) will commission local financial firms to make investments overseas.
Korea’s sovereign wealth fund decided to offer Korean banks opportunities to handle foreign exchange transactions for its overseas investments. Lee Dong-ik, chief investment officer at the fund, said on October 9, “We have had to turn to foreign banks for cross-currency transactions for a variety of reasons. We are now, however, seriously considering assignment of such services to our domestic banks that have proven competent,” adding, “We could be able to work together within this year.”……………………………………….Full Article: Source